Jarviland is a small country with only two sectors: microchips and computers. This year, the total revenue of the microchips sector is £3 billion, where £2 billion comes from sales to the computer sector and the rest from sales to consumers. All the output of the computer sector is bought by consumers at a total of £5 billion. What is the GDP of Jarviland? Select one answer: O There is not enough information to compute the GDP in the islandđ of Jarviland. O Using the production approach it is £8 billion. O Using the income approach it is £7 billion. O Using the expenditure approach it is £6 billion.

Jarviland is a small country with only two sectors: microchips and computers. This year, the total revenue of the microchips sector is £3 billion, where £2 billion comes from sales to the computer sector and the rest from sales to consumers. All the output of the computer sector is bought by consumers at a total of £5 billion. What is the GDP of Jarviland? Select one answer: O There is not enough information to compute the GDP in the islandđ of Jarviland. O Using the production approach it is £8 billion. O Using the income approach it is £7 billion. O Using the expenditure approach it is £6 billion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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